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July 2015 » A New World of Revenue Recognition
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Kathryn Yeaton, PhD, CPA
The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) jointly issued a new revenue recognition standard, Revenue from Contracts with Customers, in May 2014, after more than six years of meetings, deliberations, and drafts. This new standard, effective for public companies for annual and interim periods beginning after December 15, 2016, and December 15, 2017 for nonpublic companies, provides guidance for helping companies recognize revenue under both U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) and will supersede nearly all existing revenue guidance. The standard will be included in FASB's Accounting Standards Codification as Topic 606 and in IFRS as IFRS 15.
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